Here is the way i daytrade the Emini-YM

This is a discussion on Here is the way i daytrade the Emini-YM within the Discretionary Trading forums, part of the Methods category; Any specific reason you trade the YM and not ES?
Is is the margin rate or do you feel more ...

You refer seperately to a 144tick chart, then a minute chart. Further, you refer to a 89 and 15ema of this chart.

I presume you meen 15 and 89 of the tick, not minute?

Thanks in advance,

UTB

Hi blades, sorry about the confussion, i wrote something wrong there.
There is no 1min chart, what i was trying to refer to was the 144tick chart.

On a 144tick chart i have a 89exponentioal moving average and a 15exponential ma.
And one the 10min and 30 min and 3min charts i have only 20exponetial moving averages to show me places of resistance and support.So what you though was 100% right.

Sorry again for the confusion, but the trading method have been working very well for me,my hitrate with this is almost 95%. The only times i get stopped is when i am not following the rules and not paying attention to all the charts and get glued to one chart.

Any specific reason you trade the YM and not ES?
Is is the margin rate or do you feel more comfortable with the Dow?
Just starting out in trading and am trying to find my way.
thanks

Hi Jimbob42, i trade the YM cause of the margin rate.Other thing is that i need
make my psycology strong enough to handle the bigger losses that could be had in
the ES.Each ES is worth more and,so profits are higher but then again gains are higher.

But i would recooment new traders to start with YM, its easyer to learn and not blow ur account with. I highly recommend u find a broker that can provide a simulator account that u can test ur stategy with, no point in risking money to test things out in realtime.

Just something from my own experience, but just start out slow with small size and work your way up, and always use stops and have a solid plan, and stick to it. THats the best advice i can give you, If u can do that,then u will become the 10%-5% that makes it in this proffession.

Thanks for the info.
Have been using a simulator for a month or two to find one that I can easly work with. The concept of trading seems basic but the emotional part, when your own money is on the table, is where it can get exciting.
Not going into this business to get rich but if in time I can pull a few $s out from time to time I'd be happy